Tag: Accounts Receivables

Building a High Performance Bookkeeping Team

Posted on 12/09/2018

What great joy it is to celebrate our own achievements! But what greater joy when share our celebration with others! While individual goals are more straightforward to articulate towards, it takes tremendous effort to mould many minds towards achieving a common goal. All team efforts require voluminous amount of discipline and self sacrificing. In a world driven by “every man for himself”, team players are highly valued for their traits and attributes

Building a team is a continuous process that does not happen overnight. The values, commitments, responsibilities and deadlines involved must be shared by all the members of a team equally. Like a car in motion wherein the wheels work in unison towards a direction, so should a team drive towards its goal. Some of the practises that can be followed are discussed below:

Building a High Performance Bookkeeping Team

1. Conduct huddles and team building exercises to ensure collective responsibility:

As a leader, it is your responsibility to be on the watch out for signs of burnout among your team, especially during peak seasons. To avoid individual exhaustion, it would be highly critical to ensure that the team performs as a cohesive unit and the roles and responsibilities are uniformly distributed. Scheduling regular face-to-face sessions with your team will also help. Taking the team out for lunch or dinner as a token of appreciation can work wonders to boost their morale, and spirits. A team huddle at the beginning of the shift can help remind o targets and goals and can also be used as a platform to share best practices.

2. Summon Periodic Review for Revision of Goals and Targets:

It’s easy to get caught up in a whirlwind of day-today activities and lose sight of bigger picture. Hence, it would be a healthy practise to break down the goal into smaller and quickly achievable targets. This would instil a sense of accomplishment that would in turn drive towards the bigger picture. A clear integration of the smaller targets to goal would be vital to provide a roadmap.

Weekly assessment of targets and recalibration accordingly would help plot one’s position on the map and help forecast the following steps accordingly. Appreciation and encouragement when small targets met will help inspire more productivity.

3. Perform Assessment, Audit and Call for Training sessions:

Periodical assessment of employees and an audit on the quality of work will help flag down gray areas, if any. Some members may require an addition training session or a refresher session to amp things up a bit. Training sessions to keep the whole team updated with technologies and practises across the world will help in staying relevant. A report of the assessment should be able to help in the direction of moving towards the goal.

4. Device Democratic Decision Making in Special cases:

Generally it’s practical for the decision making to take place up the hierarchy and trickle down the pyramid. However, when the decision taken is to impact the whole team, it would be sensible to let the team have a say in it. This would not only employ delegation but also make the employees feel important. Being made part of the decision making process promotes a sense of significance. However, this exercise can only be carried out in special case scenarios. 

5. Advocate Knowledge Transfer and Learning:

In the fast paced world we live in today driven by innovation and technology it is very important to be constantly updated. Investing in just man power would eventually render the assets obsolete.  Encouraging learning and promoting training sessions to keep abreast with trending technologies will keep the resources from losing relevance. Knowledge transfer is also critical as it delivers a certain edge to the less experienced in handling certain scenarios.

Why Velan?

We at Velan are equipped with skilled accountants possessing over a minimum of 7 years of experience in the domain of bookkeeping. Available round the clock at your disposal, we cater to services that otherwise generally slow you down.

Call us today! And be rest assured that your business needs will be taken care of with the utmost sensitivity and sensibility the work demands.

Phone: +1-860-215-4997
E-mail: info@velaninfo.com

Topics: Accounting


Why Managing Accounts Receivables Could Save Your Business

Posted on 16/08/2018

Why Managing Accounts Receivables Could Save Your Business

For any business firm to blossom and grow, understanding customer demands and meeting their satisfaction is vital. To do this, the firm should maintain a healthy balance between the growing demands of customers and the increase in responsibilities that are bound to follow. This will strike the chords of harmony that will allow for required growth and stability of the firm. And as the customer base expands, so will expand the need for lucid financial accounting that will have to be competently dealt with. An effective system of managing accounts will strengthen the financial base that will serve as the crux of the company’s foundational advancement.

Here, understanding the ebbs and flows of receivables will help in resourcefully identifying the various sources of revenue from which they are either generated or choked. This will also help in classifying the strengths and challenges of the company, providing kaleidoscopic insights to assess and channelize the productivity variants. The need to manage accounts receivable (A/R) only validates itself with these factors. An accounts receivables report can be used as a barometer to assess the financial health of a company in conjunction with accounts payable. It is not only about maintaining a record to tally the income generation, but a system that can competently tackle dimensional issues of productivity is the key to strengthen your financial hold. Some of the perks and perquisites of timely management of accounts receivable are:

  • It can help build stronger bonds with clients and customers.
  • It will help sustain a healthy cash flow.
  • It will help avoid delay in settling suppliers’ dues.
  • It will earn interest in the respective bank account, as an added bonus.
  • It will help in better prediction of cash flows.
  • It will help ward off unforeseen expenditure without much hassle.
  • It will help plan ahead and sketch prospects for the future,

The aforementioned points make up some of the crucial cornerstones that help build and sustain successful businesses. Cash flow management is highly critical for small businesses.

According to a study cited in Entrepreneur Magazine, a bank found that as many as 82 percent of businesses fail due to cash flow management issues. As obvious as it may sound, one of the most effective ways to establish sustainable cash flow for your business would be to proactively manage your accounts receivable. Here are few tips that can help avert cash crunch and ease cash flow:

1. Assessment of Customer’s Credibility:

As much as it is important for a company to bring in new customers, it is also important for the company to study and assess the credibility of the customers.  Before extending credit, a company should have a mechanism in place that is both preventive and curative in nature and helps:

  • Assess the credibility/credit-worthiness of the customer.
  • Provide conditions that clearly define the terms for A/R.
  • Setup repayment timing and options as per remedial conditions.
  • Plan around A/R patterns, with available customer patterns.

2. Prompt and Punctual Invoices:

Prompt and punctual invoices are a pleasure to the eye. Customers dread lingering amidst the uncertainty between the payment gateway and the acknowledgment of payment for a certain service.  On a basic level, promptly sending your invoice reinforces the image of your company as professional and thorough. It also subtly notifies the seriousness you attach to payments. Customers are less likely to delay payments to a company that take accounts receivable seriously.

3. Monitoring Accounts Receivable:

Generally, upon the reception of the invoice, customers are given a certain window to settle the due. Setting up a robust calendar like mechanism that not only tracks individual deadlines but also alerts for appropriate follow-up actions will help forecast the incoming cash flow better. Follow-ups can help reveal oversights, payments lost in the mail or other issues. It can also flag a problem early in the process so that you can determine the best way to move forward with collecting payments.

4. Collections and Corrective Actions:

With a proper follow-up mechanism in place, foreseeing an account heading towards trouble becomes easy. In such a scenario, preventive or corrective measures can be initiated accordingly. There are numerous ways in which delayed payments can be handled. For example, granting a brief grace period in exchange for a minimal interest or a convenience fee. There can be a multitude of scenarios that may ensue along these lines. An early understanding of these issues will help reduce unnecessary ramifications.

Auto-Pilot: Velan Bookkeeping

Caught in a myriad of impending deadlines that has you reeling under pressure? With so many lines of records to keep track of, losing sight of the bigger picture? Sit back, hit the “Auto-Pilot” button and grab that coffee you never could make time for.

Velan bookkeeping, with highly experienced accountants at your disposal round the clock, we cater to all your accounting needs.  From notifying you at the earliest onset of any account heading south, all the way to drawing up sensitive, concurrent remedial measures, we’re in for the long haul. Breaking it down, some of the services we offer are:

  • Timely generation of invoices and effective distribution;
  • Follow-ups and Co-ordination with collections team when necessary;
  • Generation of reports, predictions, and forecasts;
  • Receiving and logging payments;
  • Maintaining efficient archives.

Call us today! And unshackle yourself from the cataclysmic commitment of chasing deadlines.

Phone: +1-860-215-4997
E-mail: info@velaninfo.com

Topics: Accounts Receivables


Financial Softwares: What does Gartner’s MQ say?

Posted on 15/09/2017

Gartner has released its first-ever Magic Quadrant for Core Cloud Financial Software Management Suites! Concentrating solely on Cloud-based ERP which serves mid-sized, large and global organizations. At the onset, Gartner has excluded all players serving SMBs niche. This report revolves around the bigger ERP players.

Financial Software

While we’re waiting for the Critical Capabilities report which Gartner promised to deliver in the third-quarter of this year, join us in rehashing this first-of-its-kind report from Gartner.

Some surprising results

At Velan, we took a quick gasp when we first saw it. In the niche players’ quadrant, there lies SAP! SAP is not going to take this lightly especially considering the fact that ERP & Finance are its core strengths and S/4HANA is doing the rounds. I mean, when was the last time you saw SAP in the niche players’ quadrant? I can’t place a single MQ (except this one) where SAP wasn’t a visionary or more often, a leader. Can you?

Velan has served quite a few European clients who favor SAP over all others, while the Americans lean towards Oracle. For the record – regardless of the tools our clients use, we have the ability to dexterously handle GL, AR, and AP in an offshore model.

Oracle is way ahead in this game! Cheers to that license-ridden beast. Considering our experience with clients so far, we sincerely believe SAP should’ve been positioned right next to Oracle in the top-right quadrant, but here’s what Gartner notes as reasons for placing SAP in the lower-left:

  • Only SAP Business ByDesign fits the inclusion criteria set for this report. May include SAP S/4Hana is a possible candidate for future inclusion.
  • ByDesign targets SMBs with 1500 employees or lesser.
  • SAP Business ByDesign is primarily sold as a suite solution; SAP has limited focus on line-of-business finance marketing and sales.”+
  • According to Gartner, ByDesign risks being overshadowed by SAP S/4HANA Cloud since SAP is focusing considerable marketing effort in the HANA direction.

Gartner also notes that:

  • SAP Business ByDesign is most often used as a standalone financials system.
  • It can scale to support upper-midsize organizations.
  • Gartner is aware of organizations using SAP Business ByDesign that have revenue in excess of $1 billion+

Do you feel that Gartner never got around to dissecting the SAP ERP solution as a whole? Shaun from SCMFocus sure finds this “niche player” tag quite strange.

Some Expected Outcomes

It’s nice to see Sage Intacct reigning as a visionary, followed closely by Microsoft, FinancialForce, and Accumatica. We’ve not seen many clients using Accuamtica and this fact has been outlined by Gartner as well, in the Cautions section for Accumatica – Gartner notes that Accumatica lacks brand awareness and its marketing, focusses more toward the suite as a whole and loses out on the professionals and prospective clients in the financial realm.

With a good share of our clients using Workday, Intacct, and FinancialForce, we hope to see a lot more clients adopt these tools owing to their position on the quadrant.

The only two giants who’ve managed to position themselves in the leaders’ quadrant are Oracle and Workday. Between Oracle and Workday, the market footprint is oceans apart i.e. while Oracle boasts of a market cap of 209.97 billion and spreads across 7 continents, Workday only has an approximate market cap of 20.5 billion. Workday leaves behind giants like Epicor, Deltek, Microsoft and SAP (debatably, unless SAP wanted the industry to move on to S/4HANA & the upcoming quarter’s report may perhaps include it).

Intacct’s completeness of vision means this tool is in for the long haul – we can almost see it hitting the top right quadrant very soon.

Whatever the tool, rely on Velan

Velan offers exemplary outsourced accounting and bookkeeping services for CPAs and firms. Whatever be the ERP of your choice, Velan’s resources are adept and experienced in a wide range of Cloud-based ERP systems! We’ve worked with clients big and small. Whether you’re an SMB or a larger-than-life enterprise, Velan can offer you a team of accountants like no other.

For all your outsourced accounting & bookkeeping needs, all you need to do is call us @ +1-860-215-4997. Velan handles everything, right from bookkeeping to full-fledged accounting using any and every ERP software – General ledger (GL), Accounts Payables (AP), Accounts Receivables (AR), reports and analysis. Velan can help you cut down on your staffing, training & infrastructure costs by providing an extended cost-effective offshore team.

Reference:

  1. https://www.gartner.com/doc/reprints?id=1-43I9UCB&ct=170619&st=sb
  2. + marks direct excerpts from the report

Topics: Accounting , CPA , Financial Reporting


In-house Payroll Processing or Outsourced?

Posted on 14/03/2017

Is outsourcing the right solution to get your payroll sorted?

Payroll is one of the major costs for most of the businesses plus there is no assurance of ROI. Outsourcing is increasingly available for all parts of the business.

There are umpteen off-the-shelf payroll software packages available. Many businesses take the bait and often find that one-size-doesn’t-fit all.  Therefore, it is imperative to look at what values do the outsourcing company deliver.

Capture

Typically, all in-house software is written and maintained by the in-house IT team.  Statutory calls for annual updates and this can be expensive for the company. This is because the systems employed would be often older ones and upgrading they cannot stay within the budget.

Outsourcing is the best choice for a business, if the business has to propel towards achieving the vision and mission rather fritter away time with payroll activities.

Some other reasons why outsourcing has become the go-to place for many businesses are:

  • Increased complexity
  • Ever-changing compliance requirements
  • Accuracy in payroll
  • Reduced risks
  • Latest technology employment

Nowadays, payroll providers also streamline a business’ processes and constantly deliver industry best practices.

As tempting as outsourcing may sound, there are due pros and cons associated with it. Taking this into consideration, we bring to you some important points to ponder on to conclude what’s the best fit for your business

  1. Flexibility- Change is a constant in payroll processing. Do you have enough resources available in your organization to make the eleventh hour amendments?
  1. Confidentiality– payroll is one of the most sensitive areas of the business. So discretion at all times is advised. Indiscretion can cost a fortune for the company.
  1. Time- does your business possess the time and knowledge to shift their focus anything but away from the business? Payroll requires constant updates. Do you have the time and resources to handle payroll in-house?
  1. Cost- cost is one of the major considerations any business may have when they consider payroll outsourcing. On one hand it is thoroughly beneficial to have staff in-house to handle your payroll. On the other hand, the cost involved in employing staff may not be as great. Besides costs will also include the cost of the software, maintenance, and the yearly mandatory updates.
  1. Reliability- needless to say, your employees would like to get paid on time every time. Your payroll has to be accurate and processed on the due date irrespective of the holiday or any other contingent situation.

What now?

If you have seen anything that might be advantageous for your business, contact at +1-860-215-4997 for more details. We’ll be glad to help you out.

Topics: Bookkeeping Services , Outsourcing Accounting


7 Questions You Must Ask Before Purchasing Accounting Software

Posted on 02/03/2017

Accounting software these days is considered as a must-have to meet the requirements of small business mainly. Plus, it also acts as a vital tool facilitating your decision making process since you get regular updates of your finances and there are tools to analyze your budget. Not only do they provide you with all the details you require but also most importantly, they provide the same on-the-go. But the question is in a sea of accounting software available online, how you can choose the right accounting software suitable for your business.

Accounting firms - Velan

Below are some of the questions you must ask the service provider before signing up for the product.

1. Can the software meet all your requirements?

First of all, you must be clear and precise in what you want in your accounting software; second of all, you must know what you don’t want your software to do. This self-understanding will put you on the right perspective in deciding your vendor.

To understand your requirements better you can start asking questions like:

  • What are the features that I need? For example, payroll processing, bookkeeping, invoicing, customer information, inventory, etc.
  • Is the software scalable based on your requirements?
  • What would work for you? Cloud based online setup or local?
  • Is this software compatible with your computer and other software in use?

2. What is the potential of the software for ROI?

Once you have fixed the functionalities you require, the next thing you should do is think about the pricing of the product. You would like to have accounting software only reduce some of your operational costs and not hinder them. Plus, you should also ensure that you don’t spend much on this so-called solution for your problem. One main thing you should understand besides your requirements is what is the most you can spend on this software.

Bear in mind, you are looking for functionality and not how slick this application is. The application must be two things

  • Serve the purpose and cost and
  • User-friendly

3. What do the reviews say about this software?

Today, the rate at which information reaches many people is very high. Thanks to the technological advances. Online forums and social media play a vital role in delivering information to the needy people. Online forums do talk about products and their reviews. These forms are straightforward and it is where the credibility of the product or software lies. It is imperative to know what these customer reviews and other third party websites tell about the software you are planning to purchase.

There are third parties who would examine the product and give an unbiased review.

4. How does their customer support work?

Technological failure is unavoidable. But what if this failure, for instance – account inaccessibility, or a software malfunction occurs at an inopportune moment? What you can do is, find out the customer support services they provide. Some of the things you may consider knowing are:

  • Support included: you need to inquire what kind of services are covered. Some companies charge you for providing one-on-one support or for providing 24/7 support.
  • Expertise: a problem can be identified by experts who have comprehensive knowledge in the field. How quickly they resolve becomes imperative when you are dealing with a customer on live.
  • Forums: do they maintain any forums where any frequently occurring problems are discussed by other users. This will give you some knowledge on resolving the issues without the help of the support team.

5. Is the software customizable to cater your needs?

Before purchasing software, you must ensure if they provide customizable solutions. We all know, requirements keep changing and if you do need some customizations, you cannot pay more than one-third of the total price of the software. Negotiations are inevitable. Make sure that both the parties are benefiting out of the deal. Sometimes it is good to talk to the top managers rather than go through gate keepers who will drag their feet most of the times.

6. How secure is your data?

Most software is available online. Though the online availability of all your records may sound fancy, remember it comes with a price. The major price you would have to pay for this convenience is compromising your data security. Even a minor breach in data can cause a major threat to the small business owners. This may come in terms of theft of credit card details and customer details, and other vital information.

One way to be alert is to read the customer review about the software’s security, find out if there are any complaints on data breach, and finally check the company security policies to know if there are any vulnerabilities.

7. Is migration of your data and customer’s data possible?

Anybody can have the necessity to upgrade their older computer or for some reason change their system. The last thing you would want to deal with is the unavailability of data migration option. Truly, it is time-consuming to enter all the data all over again. Hence, data migration is one of the important aspects you will have to make sure that it is available in the software you would like to purchase. Plus, there are vendors who can lend you a hand with migration. This will come in handy when you don’t have time for data migration.

It is imperative to look for vendors who provide you all the above said things and at competitive prices.

Call @ +1-860-215-4997 to know more about the best fit for your business and also to handle your accounting needs.

Topics: Accounting , Accounts Payables